SAN ANTONIO (August 9, 2023) — Northmarq’s San Antonio investment sales team of Zar Haro
, Moses Siller
, Bryan VanCura
and Phil Grafe
is proud to announce the successful arrangement of the sale of Coral Cay Apartments, a 109-unit multifamily property located at 1234 Nile Dr. in Corpus Christi.
Northmarq represented both Sparkle Asset Management LLC and the investment arm of SPV Property Management. Furthermore, Northmarq acted as the intermediary to finance the transaction, navigating a volatile interest rate market. Cheryl Higley
of Northmarq was instrumental in this effort, shepherding the project through very well. In today's challenging market, it takes the most senior professionals to execute on trades and cross the finish line.
"Northmarq's seamless execution in this transaction not only illustrates the market's strength and the great potential Coral Cay holds but also reflects our seasoned response to market fluctuations,” said Haro. “This isn't our first downturn, so naturally, the market is leaning on the most senior professionals. Our ability to lock in the rate upfront and perform a solid execution helped ensure success, and the buyer's planned complete renovation program adds to the investment's appeal.”
• Year Built: 1970
• Number of Units: 109
• Average Unit Size: 955 SF
• Occupancy: 97.2%
Just a few miles south of Downtown Corpus Christi, Coral Cay Apartments enjoy a largely residential neighborhood with access to many amenities and everyday conveniences. The two-story multifamily community offers spacious one-, two- and three-bedroom apartment homes near the shopping centers and plazas along South Alameda Street and South Staples Street. Coral Cay boasts a drive time of less than 15-minutes to nearby Naval Air Station Corpus Christi and Texas A&M University at Corpus Christi, both major employers in the region.